Application
This unit describes the skills and knowledge required to report financial activity for business both in response to client requests and to meet statutory requirements such as the completion of financial reports.
This unit applies to individuals with a broad knowledge of financial activities who contribute financial skills and knowledge to address reporting requirements of clients and legal authorities. They may have responsibility to provide guidance or to delegate aspects of these tasks to others.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1 Compile financial information and data | 1.1 Collect, evaluate and code current 1.2 Use 1.3 Make, record and disclose asset and liability valuations in accordance with organisational requirements 1.4 Ensure that |
2 Prepare statutory requirement reports | 2.1 Correctly record income and expenditure to ensure compliance with 2.2 Calculate liabilities for tax in accordance with current legislation and 2.3 Correctly identify relevant receipts, 2.4 Ensure that statements and claims take full advantage of 2.5 Submit statutory requirement reports to appropriate authorities within |
3 Provide financial business recommendations | 3.1 Ensure that recommendations are logically derived and supported by 3.2 Provide recommendations to propose constructive actions to enhance the effectiveness and efficacy of functions and services 3.3 Ensure recommendations are concise and facilitate direction and control of organisation’s operations 3.4 Identify and prioritise significant issues 3.5 Ensure structure and |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1-1.4, 2.1-2.5, 3.1-3.5 | Compares and analyses information from a range of sources varying in complexity to determine and complete financial requirements |
Writing | 1.1-1.4, 2.1, 2.2, 2.4, 2.5, 3.1-3.5 | Records numerical and textual information incorporating required financial language organising data in a manner that supports the format and purpose of the document |
Oral Communication | 1.4, 3.2, 3.3 | Presents financial issues and requirements clearly, succinctly and based on own findings using language appropriate to audience and environment Exchanges and obtains information from others by listening and questioning |
Numeracy | 1.1-1.4, 2.1-2.5, 3.1, 3.4, 3.5 | Establishes criteria and categories for financial management purposes and monitors activities on a regular basis Uses a wide range of mathematical calculations to interpret and arrange/compare numerical information in order to comply with requirements |
Navigate the world of work | 1.1-1.4, 2.1-2.5, 3.1, 3.3, 3.5 | Recognises, understands and applies applicable legislation, industry standards and organisational policies and procedures in the conduct of own work |
Interact with others | 1.4, 2.5 | Selects and uses appropriate conventions and protocols when communicating with external stakeholders to supply required information |
Get the work done | 1.1-1.4, 2.1, 2.2, 2.5, 3.4 | Uses formal and logical processes to plan and complete tasks, achieving timelines and organisational requirements Uses analytical skills to identify discrepancies, attempts to resolves the issues within the context of own responsibilities and, where appropriate, consults with more experienced colleagues for assistance Uses a range of digital technologies to access, record, store, organise, compile, analyse and present complex data from multiple sources of information |
Sectors
Finance – Financial Administration